The Nation Newspaper

Category: Capital Market

  • UBA gross earnings hit N333.92bn in 2017 Q3

    UBA gross earnings hit N333.92bn in 2017 Q3

    United Bank for Africa (UBA) Plc on Monday announced gross earnings of N333.91 billion for the third quarter ended Sept. 30, 2017.

    This is according to the company’s third quarter result released by the Nigerian Stock Exchange (NSE).

    The report showed that the gross earnings represented a growth of 25.75 per cent when compared to N265.53 billion posted in the comparative period of 2016.

    Also, the company’s profit before tax during the period under  review increased by 33.2 per cent or N19.53 billion to N78.33 billion as against N58.79 billion in the corresponding period.

    The result showed that profit for the year closed higher at N60.92 billion from N49.51 billion, representing an increase of N11.41 billion or 23 per cent.

    Further analysis showed that net interest income stood at N152.29 billion from N112.07 billion achieved in the preceding period of 2016.

    Its interest income declined to N238.09 billion compared to N265.53 billion in 2016, while interest expenses stood at N85.79 billion from N70.92 billion in 2016.

    However, the non-interest income rose to N84.60 billion from N71.19 billion, while fees and commission surged to N57.89 billion from N56.22 billion recorded in the corresponding period.

    Similarly, total assets increased to N3.77 trillion from N3.50 trillion in 2016, while total liabilities rose to N3.26 trillion from N3.06 trillion in comparative period of 2016.

    Loans and advances to customers grew to N1.08 trillion from N970.39 billion reported in the preceding period. (NAN)

  • Naira suffers further loss against dollar

    Naira suffers further loss against dollar

    The Naira on Friday suffered further loss against the dollar at the parallel market as it lost one point to the U.S. currency, the News Agency of Nigeria (NAN) reports.

    The naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro, respectively.

    At the Bureau De Change (BDC) segment of the market, the currency closed at N395 at the trading, while to the Pound and Euro, it exchanged at N503 and N434, respectively.

    However, it strengthened at the official interbank market as it exchanged at N316.55, from N347.13 posted on Thursday.

    Traders at the market expressed hope that the naira would rebound in the coming weeks as banks were ready to sell foreign exchange to BDCs in the coming weeks.

  • Nigeria equities shed 0.06%

    Nigeria equities shed 0.06%

    Transactions on the Nigerian Stock Exchange (NSE) on Thursday ended on a negative trend, reversing the three consecutive days upward growth of stocks.

    The News Agency of Nigeria (NAN) reports that the market indicators posted marginal loss, dropping by 0.06 per cent due to price loses achieved by some highly capitalised stocks.

    The All-Share Index lost 16.26 points or 0.06 to close lower at 27,420.99 points compared with 27,437.25 posted on Wednesday.

    Similarly, the market capitalisation which opened at N9.42 trillion shed N6 billion to close at N9.42 trillion.

    Guinness recorded the highest price loss to lead the losers’ pack with N3.51 loss to close at N89.99 per share.

    Total followed with N2 to close at N249 per share, while Mobil Oil dipped N1.73 to close at N167.94 per share.

    GT Bank dropped 30k to close at N24.70 and Cement Company of Northern Nigeria (CCNN) lost 20k to close at N5.81 per share.

    On the other hand, Lafarge Africa topped the gainers’ table with a gain of 70k to close at N56 per share.

    Zenith Bank followed with 30k to close at N15.30 and Stanbic IBTC appreciated by 15k to close at N14.1 per share.

    Eterna Oil grew by 12k to close at N2.62 and Africa Prudential increased by 9k to close at N2.61 per share.

    Further breakdown of market transactions indicated that United Bank for Africa was investors delight, exchanging 120.73 million shares worth N507.69 million.

    It was trailed by Diamond Bank which accounted for 36.84 million shares valued at N39.96 million and GT Bank with 36.76 million shares sold at N917.31 million.

    Access Bank came fourth with a total of 15.26 million shares valued at N81.71 million, while FBN Holdings traded 14.59 million shares worth N45.87 million.

    NAN also reports that the volume of shares traded closed higher by 5.31 per cent as investors bought and sold 313.28 million shares valued at N3.60 billion in 2,883 deals.

    This was in contrast with 297.48 million shares worth N2.29 billion achieved in 3,438 deals on Wednesday.

  • Naira dips further against dollar

    Naira dips further against dollar

    The Naira on Wednesday depreciated further against the dollar, amid last minute perfection of documentation by Bureau De Change (BDC) operators, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency lost one point to exchange at N394 to the dollar at the parallel market; while it traded at N505 and N440 against the Pound Sterling and the Euro, respectively.

    At the BDC segment of the market, the naira exchanged at N393, N504 and N437 to the dollar, Pound Sterling and the Euro respectively.

    However, the naira appreciated at the official interbank market as it closed at N314.14 from N324.4 it posted in Tuesday.

    Traders at the market said that the perfection of documentation by BDCs was holding the naira from crashing further at the parallel market.

    Meanwhile, Mr Harrison Owoh, a BDC operator, said that few banks have begun the sale of forex to some BDCs.

    Owoh said that the increase in the forex allocated to BDCs by the apex bank was in the right direction.

    He said that the Central Bank of Nigeria’s (CBN) decision was “a futuristic comment targeted at stifling the invisible hand of currency speculators”.

    He added that the increase was part of the CBNs decision to ensure a robust and sustainable forex supply in the market.

    NAN reports that the CBN rose from its bankers committee meeting on Tuesday and announced the increase in weekly forex sales to BDCs from N30,000 to N50,000 dollars.

  • Naira extends loss at parallel market

    Naira extends loss at parallel market

    The Naira on Monday depreciated further against the dollar at the parallel market, according to reports.

    The Nigerian currency exchanged at N380 to the dollar, from N378 it traded on Friday, while it exchanged against the Pound Sterling and the Euro at N495 and N415, respectively.

    At the Bureau De Change segment of the market, the currency exchanged at N378 for the dollar, N490 for the Pound and N413 against the Euro.

    It, however, appreciated at the interbank segment as it closed at N316.37 from N319.70 it posted on Friday.

    Meanwhile, traders at the market said that the scarcity of the greenback was stifling activities at the market.

    They urged the Central Bank of Nigeria (CBN) to intervene in the foreign exchange market to ensure greater stability of the naira.

  • Naira crashes again in major market segments

    Naira crashes again in major market segments

    The naira on Friday depreciated further against the dollar, pound sterling and the euro in all segments of the market.

    At the parallel market, the naira shed three points to exchange at N378 to the dollar at the close of trading on Friday afternoon, against N375 it closed with on Thursday, representing a depreciation of 0.8 per cent.

    It also weakened further against the pound sterling and the euro as it exchanged at N487 and N405 respectively against N485 and N405 it traded respectively on Thursday.

    However, the Nigerian currency maintained losses at N375, N485 and N405 respectively against the dollar, pound sterling and the euro at the Bureau de Change segment of the market.

    The naira also performed poorly at the interbank window as it crashed further to N307.98 to a dollar from N295.38 it traded on Thursday.

    Currency traders expressed worry over the extension of losses of the naira against other currencies in nearly all the segments of the foreign exchange market.

    They, however, called on the Central Bank of Nigeria to urgently intervene in the market to save the naira from further crash.

    It would be recalled that the CBN, on June 20, began implementation of flexible exchange rate policy which many analysts hailed as the magic wand that would shore up the value of the naira.

    Four weeks into its implementation, the naira appeared lonely in the face of its trial by macro-economic elements as forces beyond it seemed bent on prolonging its trial.

    Stakeholders count on the Monetary Policy Committee meeting of the Central Bank of Nigeria holding next week to pull the right monetary policy lever needed to salvage the naira.

  • Naira stabilises against dollar

    Naira stabilises against dollar

    The Naira on Monday, stabilised against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency exchanged at N365 to the dollar, maintaining same value as at Friday.

    However, the naira weakened further against the Pound Sterling, but maintained same value with the Euro as it exchanged at N475 and N400 respectively, from N470 and N400 it traded on Friday.

    At the interbank window, the naira exchanged at N292.15 to a dollar.

    Currency traders blamed the poor performance of the naira to the scarcity of the greenback, adding that the demand for dollar far outstripped its supply.

    Meanwhile, Prof. Segun Ajibola, President, Chattered Institute of Bankers of Nigeria (CIBN) urged the Federal Government to resolve unsettled transactions prior to the introduction of the new forex policy.
    Ajibola, at a recent event in Lagos, said that unsettled transactions by banks before the introduction of the flexible exchange rate was still a major factor in the banking industry.

    He noted that the liquidity challenges in the forex market seemed unsolved because of banks’ demands to settle their old issues.

    The banker added that it had impacted on the economy because the 4 billion dollars injected into the interbank market to ease the demand for forex had not been felt.

     

     

  • Skye Bank shares drop further by 8.42%

    Skye Bank shares drop further by 8.42%

    Skye Bank’s shares on Friday on the Nigerian Stock Exchange (NSE) dropped further by 8.42 per cent following investors continued reaction to removal of the bank’s board and executive management.

    The Central Bank of Nigeria (CBN) removed the board and management of the bank on Monday, and replaced them with another, a measure it said, was to redirect the bank.

    The News Agency of Nigeria (NAN) reports that the trading on Friday, the bank lost 8k to close at 87k per share.

    The bank’s shares had depreciated by 9.5 per cent on Monday, forcing it to close at 95k per share.

    A breakdown of the activity chart on the Exchange showed that investors sold 21.59 million shares of Skye Bank valued at N18.79 million.

    Alhaji Rasheed Yussuf, immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), said that the shares of the bank were on offer but nobody was buying.

    Yussuf urged the new management of the bank to map out strategies to assure and reassure shareholders and investors.

    Further analysis of the losers’ table showed that Forte Oil lost N8.93 to close at N171.90 per share, while Beta Glass dipped N4.17 to close at N38.66 per share.

    Lafarge Wapco shed N3.35 to close at N63.65 per share and GlaxosmithKline dropped N2.24 to close at N20.78 per share.

    Consequently, the All-Share Index shed 147.08 points or 0.51 per cent to close at 28,854.98 compared with 29,002.06 achieved on Monday.

    Also, the market capitalisation which opened at N9.96 trillion lost N50 billion to close at N9.91 trillion.

    On the other hand, Stanbic IBTC gained N1.54 to close at N16.60 per share.

    Oando gained 68k to close at N8.05 per share, while Dangote Cement garnered 50k to close at N191.50 per share.

    Guinness improved by 49k to close at N99.99 and Zenith International Bank gained 33k to close at N15.45 per share.

    NAN reports that GT Bank recorded the highest volume of activities, exchanging 32.47 million shares worth N750.33 million.

    FBN Holding came second with an exchange of 26.35 million shares valued at N100.52 million, while Oando sold 25.52 million shares worth N204.52 million.

    Access Bank accounted for 23.17 million shares worth N132.02 million.

    In all, a total of 234.96 million shares valued at N2.29 billion were traded by investors in 4,145 deals.

    This was in contrast with 142.84 million shares worth N1.35 billion exchanged in 3,321 deals on Monday.

     

  • NSE market indicators down by 1.04%

    NSE market indicators down by 1.04%

    Trading activities on the Nigerian Stock Exchange (NSE) resumed on Monday on a negative note with the market indices dropping by 1.04 per cent, amid sell pressure.

    The News Agency of Nigeria (NAN) reports that the All-Share Index lost 303.34 points or 1.04 per cent to close at 29,002.06 compared with 29,305.40 posted on Friday.

    Also, the market capitalisation which opened at N10.064 trillion shed N104 billion to close at N9.960 trillion.

    A breakdown of the price movement showed that Forte Oil topped the losers’ chart, dropping by N9.51 to close at N180.83 per share.

    Total Nigeria Plc trailed with a loss of N8.52 to close at N181.48, while Guinness shed N5.47 to close at N99.50 per share.

    Lafarge Africa dropped by N3 to close at N67 and Nigerian Breweries lost N1.10 to close at N130 per share.

    Conversely, Oando led the gainers’ table, growing by 68k to close at N7.37 per share.

    Ven Leer followed with a gain of 46k to close at N9.69, while Redstar appreciated by 21k to close at N4.51 per share.

    Continental Reinsurance increased by 5k to close at N1.15 and NPF Micro Finance Bank also surged by 5k to close at N1.25 per share.

    NAN also reports that FBN Holdings emerged the most traded stock, exchanging 21.79 million shares worth N83.12 million.

    It was trailed by Zenith International Bank with 12.51 million shares valued at N189.69 million, while Access Bank sold 11.69 million shares worth N66.19 million.

    Skye Bank transacted 10.83 million shares valued at N10.39 million and UBA sold 9.37 million shares worth N42.84 million.

    In all, investors bought and sold 142.84 million shares valued at N1.35 billion achieved in 3,321 deals.

    NAN reports that this was in contrast with 189.74 million shares worth N2.23 billion transacted in 3,486 deals on Friday.

  • Naira appreciates against dollar

    Naira appreciates against dollar

    The Naira, on Friday, appreciated against the dollar at the parallel market, trading at N352, from N370 traded on Wednesday.

    The News Agency of Nigeria (NAN) reports that the Nigerian currency gained N18 between Wednesday and Friday.

    The currency, however, weakened further against the Pound Sterling and the Euro as it exchanged for N515 and N405 respectively.

    Meanwhile, the official exchange rate remained at N197 to a dollar at the apex bank window.

    Traders at the market told NAN that the market got a boost due to the availability of the greenback for trading.